Obama, McCain and the Self-Employed

McCain means business!

If you”re like myself and my family, you probably pay for your own health insurance. And thus, you also pay at least a few hundred dollars in premiums each month. And if you”re self-employed, it”s an expense that you have seem rising almost every year.

Will John McCain help you? How about Barack Obama? What about Ross Perot? Oh, sorry. He”s not running this year.

If elected, Obama says he will make available a new national health plan to all Americans, including the self-employed and small businesses, to buy affordable health coverage that is similar to the plan available to members of Congress. The Obama plan will feature some of the following:

Guaranteed eligibility. No American will be turned away from any insurance plan because of illness or any pre-existing conditions.

Comprehensive benefits. The benefit package will be similar to that offered through Federal Employees Health Benefits Program (FEHBP), the plan members of Congress have. The plan will cover all essential medical services, including preventive, maternity and mental health care.

Affordable premiums, co-pays and deductibles.

Subsidies. Individuals and families who do not qualify for Medicaid or SCHIP but still need financial assistance will receive an income-related federal subsidy to buy into the new public plan or purchase a private health care plan.

Simplified paperwork and reduced health costs.

Easy enrollment. The new public plan will have simple enrollment and provide ready access to coverage.

However, John McCain says he would allow the nationwide sale of private health insurance without government oversight, similar to the bill that Rep. John Shadegg, an Arizona Republican, has introduced. While there have been Democratic cosponsors of that bill in the past, the fact that McCain is currently considering the proposal now probably means bipartisan action is unlikely for the foreseeable future.

McCain”s vision also includes tax-credits for many people that buy their own health insurance. That”s one of the big features I like about his plan. It’s an HSA-style concept that rewards you if you effectively utilize your free preventative benefits and have minimal medical expenses throughout the year. And of course, a full list of covered pre-existing conditions will be included on all plans.
So what”s the best choice for consumers? Well…do we really want the government to become the nation”s largest health insurance company? This is what would occur under Obama”s plan. Increased competition is better for all of us, so I favor McCain”s ideas.

UPDATES:

1-19-11. Of course, we all know John McCain did not win the election and Obamacare was passed into law.

12-28-14. President Obama’s second term is nearly half over and the ACA legislation has survived a Supreme Court challenge, although another may be coming in 2015. Regardless of which political party wins the 2016 election, “Obamacare” will remain in place, although several changes can be expected.